Pasinex Resources shared an update including 2021 production data and 2022 production guidance. The company announced that it produced approximately 11,000 tons of high-grade zinc which consists of approximately 6,500 tons of zinc oxide and 4,500 tons of zinc sulfide from Pınargözü Mine in 2021.
The company also shared 2022 production guidance. Expecting a production between 15,000 and 18,000 tonnes of zinc sulphide at an average grade in excess of 50% zinc and 1,000 to 4,000 tonnes of zinc oxide at an average grade of approximately 30% zinc, the company also plans to realize more than 10,000 metres of underground and surface diamond drilling.
Pasinex Resources stated that production and diamond drilling programme will be predominately focused to the Fourth Adit and new crosscuts from the Fourth Adit into the identified zinc sulphide product will be developed for both exploration drilling and production access.
Aiming to reach the Akkaya property by the first quarter of 2023, the company will begin to extend the existing Fourth Adit about 500 metres towards the Akkaya property. Pasinex Resources noted that the Fourth Adit will become the main production hub for the Pınargozu Mine in 2022 and beyond, with the existing production team relocating to this level.
Pasinex Resources Country Director and General Manager Soner Koldaş commented on the works carried out in 2021: “In 2021, 1,933 metres of exploration and development adit development, including 566 metres of development of the 541-metre level Fourth Adit were completed. A total of 7,557 metres of underground and surface diamond core drilling has been cunducted in 102 holes during 2021.We have spent another year at Pınargözü Mine, where 125 people are employed, without any fatal accident, by applying our high occupational health and safety standards and by applying the Covid-19 vaccine to all of our employees. With the dedication of all our employees, our company has set an example in terms of occupational health and safety since we started production in 2015, and we have broken a record with our mission of ‘ZERO TOLERANCE’. Our company also fully complied with the hygiene rules of all our employees, and continued production in two shifts throughout the year, despite the negative effects and restrictions caused by Covid-19.”
Pasinex Resources Chief Financial Officer, Andrew Gottwald commented on the 2021 results: “2021 was a transitional year for Pasinex. We built on the initial work that began in 2020 by completing the first phase of the development of the Fourth Adit at the 541-metre level in the Pinargozu Mine of Horzum AS; by continuing our exploration success after encountering high-grade zinc sulphide product material earlier in the adit than expected and discovering high-grade zinc sphalerite in additional new areas; by fulfilling our obligations with respect to the tax restructurings entered into in December 2020; by improving our relationship with our joint venture partner; and by getting started on planning for an exploration program in Nevada. We look forward to a rewarding year in 2022 thanks to our efforts in 2020 and 2021. We thank our shareholders for standing by the Company through this transitional period.”
